Sponsor
Alderman Shakoor
Title
Life Insurance Benefits for Certain Retired Employees
Resolved, that the plan to continue the City's obligation to provide certain life insurance benefits to certain retired employees with a MetLife plan is approved. Note: The City has a remaining liability of $681,000.00 for 357 employees retired as of December 31, 2014. The total premium for the proposed plan is $413,584.00, payable over five years (Year 1: $117,301.00, Years 2 through 5: $82,6200.00).
Further resolved, that the MetLife proposal as presented by the Horton Group is approved to be implemented.
Further resolved, that 2015 budgeted funds of $92,941.17 are to be transferred from account 101.990.5970, Non-Departmental Contingency, to account 101.850.5140, Non-Departmental Life Insurance.
Fiscal Note:
2015: $117,301.00 premium to be funded as follows:
($115,159.06 - 101.850.5140 Non-Departmental Life Insurance (after $92,941.17 transfer from the Contingency Account); $1,120.50 - 9265000 Water Utility Life Insurance; $1,021.44 - 6605040 Wastewater Utility Life Insurance. There are sufficient funds available for the transfer and payment of the premium.